The B. G. S. Cayzer Charitable Trust
Registered Charity: 286063
Report and Flnanclal Statements
Year ended 5 April 2024

The B. G. S. Cayzer Charitable Trust
Contents
Page
Report of the trustees
Independent ExamineT'S report
StatemÈnt of Ilnancial activlties
Balance sheet
Statement of tash lows
Nrtes ttsthe financial ststements

The B. G. S. Cayzer Charitsble Trust
Report of the trustees
The trustees present their annual report and the financlal statements of the charlty for the year ended 5 April 2024. The
flnanclal ststements have been p￿Pared in accordance with the accounting policies Set out in note I to the accounts and
comply wtth the chariws trust deed. the Charities Act 2011, and the Statement of Recommended Practice applicable to
charities preparing their accounts in accordance wtth the Flnancial Reporting Standard applicable in the UK and Republic
of Ireland publlshed on 2 Ortober 2019.
Reference and admlnlstratl¥e Inforrnatio
Address:
Cayzer House
30 Buckingham Gate
London SWIE 6NN
Govemed by:
Deed dated 22 November 1982
Tru5tees-
Mary Baiabel Bucklev
Arabella Mary Hunter
Rtsseanna Neville Leslie
Sonia Claire Barry
Administrators..
The Cayzer Trust Company Ltd
Cayzer House
30 Buckingham Gate
London SWIE 6NN
Solldtors:
BD8 Pltman5 LLP
One Bartholomew Close
London ECIA 7BL
Independent eKamlner'.
5J Wakefield ACA
Dixon Wilson
22 Chancery Lane
London WC2A ILS
Strurt￿re. zovemance. and mana8ement
The trust was established in rnemory of the late 8eTnard Gilbert Stancomb Cayzer by Deed dated 22 November 1982.
The charity was re8lStered by the Charity Commlssloners for England and Wales on 23 December 1982 under charltv
number 286(63.
The trust does not actively fund-raise, and it is not the intentSon of the trustees to seek donatlons. The trustees seek to
continue the phllanthropic work undertaken by 8ernard ca￿eT during hls lrfetime through the careful stewardship of the
charitys existing resources.
The trust deed provides for a mlnimum of two trvstee5. Were there to be a requirement for new trustees, these would
be Identlfied and appointed by the remaining trustees. The current trustees are Mary Buckley, Arabella Hunter, and
Roseanna Leslie (all appointed 5 April 2CO91. and Sonia Barry lappointed 11 July 20181.

The B. G. S. Cayzer Charltable Trust
Report of the trustee5 (continued)
Structure, govornanc•. Ind management Icontinuedl
Th? tIU5tees regularly review the broad strategy and areas of activlty for the trust, including grant-makln8, investment.
risk rnana8ernent, reserves. and performance. The financial affair5 of the charity are handled by the adrnini5trators at
the dirertion of the trustees.
The trustee5 annually review the risks facing the charSty, and, in implementing procedures to reduce those risk5
ssociated with investment mana8emeni, manage a diversified portfolioof stocks. The portfolioperformkncè is reviewed
regularly bylhe trustees.
Oblertlves and artl¥ltles for the publlc benèfrt
Thetrust deed glves the trustees the power to apply the funds forthe beneflt of such charitable institution5 orcharltable
purposes as the trustees shall from tlme to time in their absolute discretion think fit.
The trustees, current policy is to support those tharitable institutions and charitable purposes which they believe were
of partlcular interest to Bernard Cayzer and his familv.
The trustees identify the projecls and organisations they wish to support and so do not consider unsol1c￿Èd appllcations
from people or or8anisations. To preserve the trust's funds the trust also has a polity of not res￿nding to any such
appllcations.
The trustees, havlng regard to the Public Benefit Guidance published by ihe Charity Commission In accordance wlth
section 17 of the Charities Act 2011, consider that the purpose and activities of the tharity satisfy the requiremenis of
the publlc benefil tesi set out in section 4 of the same Act.
Athlevemerrts al￿ performance
Grnnts unddonrtions
One of the trustees, objertlves is to allocate net income earned in the year to a variety of good causes. From time to
time reserves are created to meet large projerts. The total of donations made orunctsnditionally pledged durin8the ye3r
was £146,84212023 £220,112), and at the year-end. the total ut)distributed income balance was £762,84312023
£717,8611. a modest increase on the previous year.
A total of 2412023 281 grants were made during the year. These grants were made to various dlfferent registered
harities. with the usual areas of arts and culture, education and training, heritage and conservation. the envlronment,
and medical research and treatment being supported. Grants made during the year included a substanttal donation of
£67.842. to be paid over two years. to 5UPPOrt an apprenticeship at the Roy31 Botanic Garden5. Kew. Similarly. the
trustees agreed to make a grant of £30.C￿, payable over three years, to Langholm Playcare. in order to support their
chlldcare se￿￿5.
Investnwnts
At 5 April 2024. the investment In Caledonia Inve5tment5 PIC represented 24.7%12023-26.8%1 of thetotal marketvalue
of all thetharii¢s fixed a55et investments and cash, and the investment in The CayzerTrust Company Limited represented
23.3%12023- 23.4%). A further 26.6%12023- 24.6%) relates to units in the ESK Fund, èn international equity fund.
whlch is managed by Church House Investment Management. Charles Stanley Inve5trnent Management manages a
discretitsnary investment portfoliowhlch accounts fora further 15.6%12023- 15.7%) of total fixed 35set investments and
cash.
Total gains on revaluation of investment assets during the year were £297.77312023-10sses of £156.0571. reflectlng the
general market movement in the year, and the value of the indwidual investments at the year-end dales.

The B. G. S. Cayzer Charitable Trust
Report of the trustees {contlnued)
Flnanclal review. Investment pollry. and restr¥*s
The charitvs investment powers are prescribed in the trust deed. The deed gives the trustees very wide powers of
investment. The trustees. investment policy is to preserve the real value of the tNst fund over the long temi.
Theirusieesalmto maxlmlse thetotal In¥estment return. with a medSum level of rlsL wlthln theoblectivesof malntalnln8
Income while continuing to preserve the real value of the funds. The trustees have established the level of resetves
needed to sustain the income required to meet its annual 8rant-makin8 objectives. The charity has no source of funding
other than the trust fund and the inccThe generated from its portfolio of inve5trnent5. The income generated in the year
was £201.83212023 - £567.3891, the exceptionally high figure in the prior year being the result of special dividends
received from Caledonia Investments plcand The CayzerTrust Company Llmited inthat perlod. Future years are expected
to be more in line wlth the figure forthe year ended S April 2024.
It is not the charity's usual policy to Thake donations which. in any one year, would in aggregate exceed the income for
that year and income brought forward from earlier years. Details ol the charitv's fixed assel investments are described
in note 6 to the financial siatements.
Ststemtnt oftNsteeg responsibilities
The trustees are responsible for preparing a trustees. annual report and financlal statements in accordance with
applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Atcepted Accounting Practice).
The law applicable to charities in England and Wale5 requires the charity trustees to prepare finaneial statements for
each yearwhich give a true and fairview of the state of affairs of thecharity and of the incoming re50urce5 and application
of resources ol the charity for that period. In preparing the financial statements, the trustees are reouired to..
select suitsble accgunting policies and then apply them Consistent￿..
observe the method5 and principles in the applicable Charities SORP;
makejudgemenis and estimates that are reasonable and prudent,.
State whether applicable accounting stand&rds have been followed. subject to any
departures that must be disclosed and &xplained in the financièl statements- and
prepare the financial statements on a 8olng concern basis unless Ir is inappropriate tcp presume that the charlty wlll
continue in operation.
The trustees are responsible for keeping proper accountinR records that disclose with reasonable accuracy at any tlme
the tinancial p051tion of the charity and to enable them to en5uie thatthe financial 5taternerFts comply with the Charitie5
Art 2011. the applicable Charities (Account5 and Reports) Regulalions. and the provisions of the trust deed. They are
also responsible foi safeguarding the assets of the charity and for tsking reasonable steps for the preventioTr and
detection of fraud and other irregularitie>
Approved by the trustees on
i+ SEPt£drÉR IOLI
and signed on thelr behalf by
M B Buckley
Trustee
TnJ5tee

## **The B. G. S. Cayzer Charitable Trust** 

## **Independent Examiner’s report to the trustees of The B. G. S. Cayzer Charitable Trust (‘the Trust’)** 

I report to the trustees on my examination of the accounts of the Trust for the year ended 5 April 2024. 

## **Responsibilities and basis of report** 

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).  You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed. 

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts.  The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement. 

## **Independent examiner’s statement** 

I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales. 

I have completed my examination.  I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 


S J WAKEFIELD ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS 

2 October 2024 

4 

4 



The B. G. S. Cayier Charitable Trust
Ststement ol financlal artl¥ltles
foFthe¥eoTto5WI 2024
Expendable
Ewnd•bl¢
U￿re￿rItted
fvnd$
Tdial
fufids
n05
fvthd5
Intome
vestrnent incorne
201*32
201￿32
567.389
567,389
Total￿rne
201032
201J32
567,389
567.389
ExpeThYituretsth tharltabk actNities
152,119
152.119
229.755
229.755
Costsof raisingfvDds
4,731
4,731
4647
4.847
Tt4ale¥4)EThllture
IS6￿50
156.850
234,602
Netiain51 Ib55eslon in¥estrnents
91,126
186.447
277.573
1132,954)
135,4071
11643611
NetinC4￿1￿d
et Th￿veMentInf￿ds
136.1(
186,447
322.555
299,8a3
135.4071
164.436
Re(oncilictioftoffvnL15
Totslfund5 browiht lorward
1566.380
3,598,884
6.16S,264
1366.547
3,634.29J
6.LW.838
Tirtal fvndsG4wrfEdloww4rO
li
2,702,488
3,785,331
6.487,819
1%6.3
3,598,884
6.165.264
All irKome andtxpenditure isiTh ie5pe¢tof continuln8 athw1￿￿f0r the cwrentandthA prewou5￿Or.
The notes on pase58 to 13fom) aD knte8ral partof these fifflan¢191 ststements.

The B. G. S. Cayzer Charitable Trust
Balance Sheet
At S￿1 2024
ExpendJblE
Eyndab
Total
2QZ4
Tthl
zo
fund5
funds
FIMeda55•ts
Investrnents
Othei
2.18L872
3,760
5.942.516
Z102,059
3,574,197
5 67&256
2.181.872
3,76D,644
S,941516
1103,959
3.574,197
5,678.156
Debtors tslllw wlthinone year
C¥5h at bank and in hand
453
622,rKJi
4sa
24fi87
567.262
24.687
591,549
622,454
24.687
647.141
567,262
24,687
591,549
Credit0tsta￿Wthewth1￿m•y￿
166.8381
166.B381
(613411
1613411
555,616
24,687
$80.303
503,921
24687
528.608
io
135.OLXII
135.LWI
141,5001
[41,5￿j
2.702,488
3.785331
6.487.819
2566.380
3,S94884
6,J65,264
Thofund5Oft￿tb¥rl¢￿.
Expendable efidowme
Unrestricted
3,785,331
3.785.331
1.702.4188
3.598.884
3598,884
2J66,380
li
2.702.488
Z566.38Q
2,702J88
3,785,331
6A87.819
1566.350
3.598.8B4
6,165,2
Approved tyth9trl￿t￿5on.....................................
. $18rted ortthelr beha¢f bv
M B Buckley
Trustee
1£] Lu,,
RN Lèsllè
The nDte5on paies8to 13 form an InieEral partof these flnancla15tat4mwts.

The B. G. S. Cayzer Charftable Trust
Ststement of cash flow5
ltyrth*yeartoSAprll 1014
Total lunds
Total funds
1letu5hu5edinryeratin¥aC￿S￿¥es
12
I￿7.9531
Ild4,5911
thshllo¥Jsfrom kNestlngardblbe$
Interest and dl¥ldeDds
Proceed51rom sale ol investnieiits
Purchase of irbvestmÈnts
201.379
119.604
1108,2911
567,389
95.474
N•tLAshprtyAded bylnv•stlw4¢¥vlll
212,692
Y4.183
Chiwln¢4shattdush4qur￿lEnI5in th•y••r
54,719
399,592
Cathand cash eguth￿￿tsbrOUSkI f￿ward
591,949
191357
Cg¥h and ta5heqw￿ents¢*thea￿lW¥r4
13
646,688
591949
The r￿Or$ pages 8t0 13 form an integral partof these finanaal statements.

The B. G. S. Cayzer Charitable Trust
Notes to the financial statements
for the ytarto S Aprfl 2024
countlnKpolkl•s
5ummaryof sianifitant account1￿ poll¢les and key ¥¢countingestlmate5
The principal accounting policles applied In the preparailon of these fSnanci31 statements are set oth below. These policies have
been consistently applied to all the years presented. unless otherwise stated.
Ba%$ of preparatlon
The financial statements have been prepared under the hlstorlcal cost convention. with items rectsgntsed at cost or tran5actÈon value
unless otherwise stated in the relevant notes lo these accounts. The financial statements have been prepared in accordance with
the Statement of Recommended Practlce.. Accountln8 and Reporting by CharSties preparing their accounts in atcordance with the
Financial ReportinB Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 issued on 2 October 2019 and the
Charities Act 2011.
The trust constit￿e5 a public benefit entity as defined by FRS 102.
Gotng concem
The trustees consider that there zre no material uncertainties about the trust'5 abllity to continue as a going concem, and that there
are no key assumptions that affect items in the atcounts.
Funds strutture
The charity has an expendable endowment fund. The trust deed allows thi5 fund to be spent as income or retained as capital at the
trustees, distretion. Income arising from the expendable endowment Is unrestricted. Unre5trided lunds comprise atcumulated
surpluses and deficits on general funds that are available for use at the discretion of the trustees in furtherance of the general
objectives of the charity.
lftcome re¢oBnlllon
All Income is recognised once the Iharity has entitlement to the Income. it is probable that the income will be received, and the
amount can be measured reliably.
ONSdends and other income from Investments are recogni5ed in the financial statements when the tharlty is entitled to the income.
Income from cash deposit5 is included on an accrua15 basls.
Ex￿ndIture recognition
Liabilities are recogni5ed as expendlture as soon as there Is a legal or constfuctive obligation committlFI8 the charity to that
expenditure, it is probable that settlement will be required. and the amount of the obli8ation can be measured rellably.
Grants are charged to the Statement of financial activities when pald orwhen a constructive obligation exlsts, no￿￿(h$tandIng that
they may be paid in future accounting periods. Other expenditure 15 included in the accounts on an accruals basis.
Iriecoverable VAT has been chaiEed against the relevant expènditure.
Investment5
Investments are a fom) of basic financial instrurnent and are initially recognised at their transaction value. Subsequentty,
investments are valued at at theor fair value at the balance sheet date, usin8 the closing market price for listed investments, and
using market price where available, or the trustees. valuation based on dealin8 prlces or other information available as appropriate
for unlisted Investments.
The Statement of financial actiwties indudes the net 8ain5 and Ios5e5 arising on revaluation and disposalsihroughout the year.
Credltors
Creditors are recognised onceihe charity has a present obligation resuhlngfrom a past event that It 15 probable will result in the
the transfer of lunds to a third party. and the arnount due to settle the obligation can be measured or estimated reliablv.

The B. G. S. Cayzer Charitable Trust
Notes to the financlal statements (continued)
forthe yearto 5 Aprll 2024
l Taxat5on
The trust is a re8lStered charity and is thus exemptfrom taxation of Sts Income and gains fallln8 wlthin Sectlon 532 of the Incom
Taxes Act 2(KJ7 tcp the extent that they are applied to its charitable oblectlves. No tax tharges have arisen in the charity.
2024
2023
Investment intome
UK listed investments
UK unlisted investments
Non-UK listed Investments
Interest and PID Income
63,425
114,978
9.549
13,880
201.832
406,571
6.419
567.389
2023
Expendlture on chailtable artlvllles
Gronts to institution5 Isee belowl
Arts and culture
Educatlon and traiDine
Heritage, conservation, and the envimnment
Medical research. tieètment, and care
Relief of poverty
General
13,6Cx)
35.5C
69.742
16.7SO
2,500
8,750
146,842
83,OOQ
65.000
45.750
20,362
220,112
Governance costs
Accounts preparation and adminlstration fee
Independent examination /audit fee
Legal & professional fees
Bank charges and foreign exchange losses
3.646
1,614
3.510
120
13
9,643
17
5,277
Total expeTrdlture on charitable a¢tlvttles
152.119
229,7SS
2024
2023
Rèdplents of Instltutlonal 8rants O￿T £2,000:
Centre Stage Comrnunity Theatre
Charlie Waller Trust
Feathers A5SOCiatioTr
Future Hope
Harnp5hire Medical Fund
Langholm Community Centre
Langholm Playcare
Little Awel Theatre
Mission to Seafarers
Muckle Toon Media
Queen Elizabeth'5 Foundation foi Disabled People
RH5 Rosemoor Peter Buckley Learnlng Centre
Royal Botanic Garden% Kew
Corned down
5.000
2,500
5.000
13.362
30,000
5,000
2.5CQ
12.(kX)
iO.LTr
67.842
122.842
110,362

The B. G. S. Cayzer Charltable Trust
Notes to the financlal statements (continued)
forthe year to 5 Aprll 2024
4. Expendltur¢ on charStable artlvtties Icontinuedl
2024
2023
Redplent5 of Instltuilonal8rants over £2W IcontiNedl:
8rought down
Salisbury Cathedral
Songbird SuThNal
Spinal Injuries Association
Sporting Start
St. Michael'5 Hospice
The Buccleuch Centre
The Little Angel Theatre
The Rediweld Foundation
The Royal Hospital Chelsea
The Stevenson Trust
Westerkirk Parish Trust
other ￿an1$ under £2.(*XI
122.842
110,362
50.000
20,0
3.600
5.LXIO
4,000
2,0(10
8,750
220,112
6.000
9,400
146,842
All grants in the perfod were made to re815tered LIK tharf(ies.
2024
2023
Costs olg¢n•ratln8 fund5
Investment management fees
4,731
4,847
Fixed assets- Investments
2024 movement in fixed asset Ib)vegtments:
Llst•d
Investments
Un115ted
In¥ertments
Totsl
2024
Unrestrltted funds
Opening market value brought forward
Additions
Disposal proceeds
Add net reali5ed and unrealised gains
1,771,349
108,291
1119.6041
76.912
330.710
2,102,059
108,291
1119,6041
91,126
14,214
Closing market value
1.836,948
344.924
2,181,872
Expendable endowmentfunds
Opening rnarket value brought forward
Addition5
Disposal proceeds
Add net unreali5ed gains
2,435,089
1.139.108
3.574,197
137.483
48,964
186,447
aosing market value
2,572,572
1.188.072
3,760,644
Total marketvalues at 5 AprS12024
4,409,520
1,532,996
5.942,516
10

The B. G. S. Cayzer Charitable Trust
Notes to the flnanclal statements (contlnued)
for theyear to S Aprll 2024
Flxed assets- Inv•stm•nts Icontlnued)
2023 movement in fixed asset lmiÈstmen￿.
Llsted
Investments
Unllsted
investments
Total
2023
Vnrestrlcted funds
Opening market value brought forward
Additions
Disposal proceeds
Add net reali5ed and unrealised11ossèsI 18alns
.1.891.765
118.680
195.4741
f143,622J
320,(M2
2,211,807
118,680
195,4741
1132.9541
10.668
aosing market value
2,771,349
330,710
2.102,059
Ellpèndable endowment funds
Opening rnarket value brought forward
Addition5
Disposal proceeds
Add nef unrealised11055e5118ains
2,507,241
1.102,363
3,609.604
172.152)
36,745
135,4071
Closing market value
2,435.089
1,139,108
3,574,197
Total market Values at 5 Aprll 2023
4,206,438
1,469.818
5,676,256
sled
Investments
Unllsted
Investmeb)ts
Totsl
In¥e5tmenls at fzrvalue tomprlsed:
UK securities
Non-UK securrties
4,088,371
321,149
1.532,996
5,621.367
321,149
4.409.520
1,532,996
5,942,S16
Materlal investments at 5 Aprll 2024
Mark
lue
of total
ifi¥estments
27.4%
29.5%
25.8%
Caledonia Investments Pl
SVS Church House ESK Fund
The Cay2er Trust Company Limited
1.630.0(X)
1.753.319
1.532.996
Flxed assets. other
A pair of silver tandlestlcks byjohn Green, previously on loan toThe Bath Preservation Trust, were donated to The Bath Preseryation
Trust in ihe year, and are intluded grants under £2.1)00 in Note 4 above.
2024
2023
Debtors lalling due wlthln one year
Accruèd Income
453

The B. G. S. Cayzer Charitable Trust
Notes to the financial statements (continued)
forthe yeorto S April 2024
2024
2023
Creditors falllng due wiohin one yeai
Accruals
Grants payable
6,417
60,421
10,841
52.5(X)
66,838
63.341
2024
2023
10. Creditors lalllni due after one year
Grants payable
35,000
41,500
Unrestrirted fvnds
General
fund
Undlstrlbuted
Income fund
Expendable
endowment fund
Total
funds
11. The fund5 of th• ch•rlty
Balance at 6 April 2023
In¢omlng resources
Resources expended
Net movement on investment assets
1,848,S19
717.861
201,832
1156,8501
3,598,884
6.165,264
201,832
1156,8501
277,573
91,126
186.447
Balance at 5 April 2024
1,939,645
762.843
3,785,331
6,487,819
Unrestrirted fvnds
General
fund
Undktributtd
Ibxome fund
E¥pendable
endowment fund
Total
funds
Balance at 6 April 2022
Incoming resources
Resources expended
Net movement on InvestmeTrt as5et5
1,981,473
38S,074
567.389
(234.6021
3.634.291
6,000.838
567,389
1234,602)
1168.361)
1132,954)
135,407)
Balance at 5 Aprll 2023
1,848,519
717,861
3.598,884
6.165.264
12. Rtcondllatlon of net movement in funds
to net cash fflowfrom operating acUvltlÈs
2024
Z023
Net movement in funds
Deduct investment income shown in investin8 actiwties
(Dedud galnsl l add losses on investment5
(Decrease) l increase in ¢￿dItorS
Non-cash donations
322,555
1201,8321
1277,5731
13.0031
1,900
164,426
(567,3891
168.361
90,Qii
Net cash used in operating activities
1157,9531
1144.5911
12

The B. G. S. Cayzer Charltable Trust
Notes to the financlal ststements (continued)
forthe year to 5 Aprll 2024
2024
1023
13. Reconclllailon of net debt
Cash balan¢es ai 6 Aprll
Cash flows forthe Year
591,949
54,739
192,357
399.592
Cash balances at S Aprll
646,688
591,949
14. Employee5
The trust did not have any employees during the Current ￿ prior year.
15. fransactlons with trustees or connetted person5
Trustees received Teimbur5ement of expenses totalling £nll12023- £nlll duriTh8 the accounting period.
No trustees recelved remuneration for their service a5 trustees.
An admini5tratlon fee of £3,64612023- £3,5101 is payable to a company of which R N Leslie and S C Barry are directois.
13